Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Sri Lanka is experiencing moderate growth, influenced by factors such as increasing demand for healthy food options, growing awareness of sustainable fishing practices, and the convenience of online purchasing. However, the overall growth rate is subdued due to challenges in supply chain management and competition from alternative protein sources.
Customer preferences: Consumers in Sri Lanka are increasingly seeking locally sourced and sustainable seafood options, as awareness of the environmental impact of the fishing industry grows. Additionally, there is a growing trend towards plant-based and vegetarian diets, leading to a rise in demand for alternative protein sources such as plant-based seafood. This shift in consumer preferences is also influenced by cultural and religious beliefs, as many Sri Lankans follow a predominantly vegetarian diet.
Trends in the market: In Sri Lanka, the Fish & Seafood Market is seeing a rise in demand for sustainably sourced and locally caught seafood. This trend is driven by consumers becoming more conscious of their environmental impact and seeking out healthier, fresher options. Additionally, there is a growing trend of e-commerce platforms and mobile apps that offer convenient ways for consumers to purchase seafood directly from fishermen. These trends are significant as they promote sustainable fishing practices and support local communities. However, it also presents challenges for traditional seafood markets and suppliers. As such, industry stakeholders must adapt to these changes and explore innovative ways to connect with consumers and cater to their evolving preferences.
Local special circumstances: In Sri Lanka, the Fish & Seafood Market is heavily influenced by the country's geographical location as an island nation surrounded by the Indian Ocean. This unique factor allows for a diverse range of seafood options, including tuna, crab, prawns, and lobster. Moreover, the country's culture heavily relies on seafood as a staple in their diet, leading to a high demand for fresh and high-quality seafood products. Additionally, the government has implemented strict regulations to ensure sustainable fishing practices, further enhancing the market's dynamics.
Underlying macroeconomic factors: The Fish & Seafood Market in Sri Lanka is heavily influenced by macroeconomic factors such as global economic trends, the country's economic health, fiscal policies, and other relevant financial indicators. The market's performance is closely tied to the overall economic climate, with growth and stability dependent on factors such as consumer spending, trade policies, and supply and demand dynamics. Additionally, government support and investment in the fishing industry play a significant role in driving market growth and competitiveness. With a growing population and increasing demand for seafood, Sri Lanka's market is poised for sustained growth in the coming years.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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